Bitcoin had a rough opening to the year after the spectacular growth that the cryptocurrency experienced in 2017, so what does the new year hold for it?
The managing director at UFX, Dennis de Jong, said that despite the drop over the period of the holiday season, there “really isn’t a roof on how high bitcoin can climb in 2018.”
De Jong said: “Given the unexpected speed at which it rose towards the back end of last year, it’s difficult to put an exact figure on what it will reach, but we certainly could be looking upwards of $50,000 in 12 months’ time.”
The chief market analyst at Think Markets, Naeem Aslam, also said that bitcoin could reach the $40,000 to $50,000 mark this year.
De Jong said that other cryptocurrencies, or alt-coins, such as Ripple or Ethereum, could possibly experience “rapid gains” in 2018.
Iqbal Gandham, The UK managing director at one of the largest cryptocurrency retailers, eToro, echoed the opinion of De Jong.
“In our view, bitcoin is unlikely to steal so much of the show this year. Building on the momentum from last year, it is likely that investors will increasingly consider additional cryptocurrencies such as XRP [Ripple], Ethereum, litecoin and dash as part of their portfolios.”
Gandham stated: “In 2017, the total value of all cryptocurrencies in circulation rose by over 3,000 percent. Looking ahead to 2018, we expect a waterfall effect to take place, with more retailers, governments, and financial institutions embracing blockchain technology, which in turn is likely to drive investor confidence in cryptocurrencies.”